Central Bank Cryptocurrencies Are Pointless, Says Ex-Federal Reserve Chairman

[CryptopreneurBrainboss]

Although as a cryptocurrency enthusiast advocating for decentralization is something we're always in support of because wee have tested this decentralization and seen the benefits associated with it but on a large scale, the involvement of government bodies in the industry through centralized cryptocurrency isn't that bad. Currently we already have centralized non government backed cryptocurrency and they're performing just fine but with the government involvement, it'll be taking the industry to a whole new level also strengthening the trust of the average citizen in cryptocurrency which will also be beneficial to bitcoin.

I have said, government operating their centralized cryptocurrency will open the general public eyes to the awesome of bitcoin as a decentralized cryptocurrency since when to access your funds can't be restricted and each individual will have total control over their funds on like the gov centralized coins. Blockchain provides transpirancy, trustworthiness etc having the gov adoption those feature will be a plus to the society.

[minairia3]

This move by China will probably follow through by other countries. I dont know what US will do while China is keep disrupting thr blockchain industry with their support all out. Ive known China will make a move like this, since they dont want to be left behind. You know how wise are they to think of an idea where they can monetize and dominates the economic.

[TheClownSong]

In cryptocurrency, especially bitcoin, cryptocurrency central bank is not needed and indeed it should not exist because bitcoin is a peer to peer tool. The purpose of creating bitcoin is the absence of a third party (central bank) in every transaction we make and this allows for anonymous transactions

[andika2018]

If cryptocurrency is still controlled by a central bank, in my opinion it cannot be called a decentralized coin. One decentralized coin is Bitcoin which is controlled by any authority including the central bank and I agree that in cryptocurrency, the central bank is pointless

[Eugenar]

If cryptocurrency is still controlled by a central bank, in my opinion it cannot be called a decentralized coin. One decentralized coin is Bitcoin which is controlled by any authority including the central bank and I agree that in cryptocurrency, the central bank is pointless

Of course, that would be their initial reaction to cryptocurrencies. Us as well are having the same impression on how they perform, but regarding our feelings and opinion to their system, our's is much more reliable since we do really have our advantages to their system. Theirs's, on the other hand, is full of speculation and fear that cryptocurrencies might replace their duty to provide the people with decent and efficient financial service.

[duuuuude]

Obviously, there are pros and cons but if you prioritize it is better to leave paper currency which may be less convenient but more anonymous. Because we all understand what a state is and how they like to keep everything under control.

[seleme]

The first aim of the cryptocurrency ecosystem is to achieve decentralization but the external threats by different governments weaken this purpose. I am not sure what the authorities think about the centralized digital coin of the country but it will not be good in the recent bear market. It is pointless to create their easy controllable digital ecosystem, wise people will only use these coins as a utility.